Confederation of African Football (Caf) president Issa Hayatou, who was appointed by Fifa to head the 2012 Olympic football tournament, is still under investigation for corruption by the IOC's ethics commission.
"The ethics commission is independent but my understanding is that the investigation is still continuing," an IOC spokesman said.
Hayatou denies claims made by BBC television programme Panorama that he took US$20,000 from now-defunct Fifa marketing partners ISL in the 1990's.
He insists the money was a payment towards Caf's 40th anniversary celebrations.
The Cameroonian sports administrator has been appointed by Fifa to not only head the organising committee for the Olympic Football Tournaments but also as the new chairman of the GOAL Bureau that distributes money for development projects.
He replaces Korea's Chung Mong-Joon as head of Fifa's Olympic committee, and takes over from Mohamed Bin Hammam, the former Asian confederation president who was banned for life for bribery, as chairman of the GOAL Bureau.
Hayatou has also been a member of the International Olympic Committee since 2001 and previously chaired Fifa's Olympics committee from 1992 to 2006.